Ann: Corporate Presentation, page-5

Interesting take and I hope you're wrong (no offence). My thinking for this is:

• $22.5m of the debt facility has been drawn down leaving $12.5m available.
• Renison EBITDA should be a min of ~$6m per quarter. $24m pa.
• A bit of mixed news on the revised Nifty targets. Production won't hit the target for FY20 but this was largely anticipated as this quarter's production will be quite low then progressively ramp up. Pleasingly, FY20 sustaining capital is $13.4m lower so a decent level of associated cost savings.
• With ~$6m dedicated to exploration, one would think that easing back on this would be easy enough to do if cash flow was a concern.

So that's a lot to burn through over the next year to see a cap raising and then we have the prospect of Nifty actually becoming cash flow positive (fingers crossed).